Pune's Residential Real Estate Sees Upward Momentum
With India's economy gaining pace, Pune's residential real estate market is slowly moving forward, marked by a significant rise in new residential launches.
Stable Prices and Cheap Rates
Following the announcement of new rules in the Union Budget 2017, prices have stabilized and become more affordable. Experts predict that the auspicious occasion of Gudi Padwa will encourage buyers to invest in new property in Pune.
Recovery from Demonetisation
As the effects of demonetisation gradually calm down, Pune's real estate market is regaining momentum. Gudi Padwa is expected to boost demand, as residents of Maharashtra traditionally prefer to invest in homes on this day.
Translating Inquiries into Sales
After a period of slow growth, Pune's real estate market anticipates that past inquiries will now convert into sales. The city has a substantial unsold inventory, which has slowed down over the last one and a half years.
Increased Demand for Affordable Housing
Even buyers with limited budgets are inquiring about cheap 1 BHK flats in Pune, driven by low-interest rates from banks and affordable schemes. This surge in demand is a welcome relief for the market.
Festive Season Impact
The recent festive period saw an exhausted inquiry inventory and a pileup of sales records. The auspicious occasion, coupled with pocket-friendly schemes, contributed to this growth. After the initial setback from demonetisation, the real estate sector has witnessed significant reforms, including:
- Benami Transactions Bill
- RERA (Real Estate Regulatory Act)
- GST (Goods and Services Tax)
These reforms aim to bring transparency and credibility to the residential sector.
Sentimental Investment
In India, big investments like gold or property are often driven by sentiment rather than economic considerations. The festive occasion of Gudi Padwa, which marks the New Year in Maharashtra, saw a substantial increase in sales and new launches by reputed builders and developers. Many people prefer to book their new homes or host housewarming parties on this day, making it a peak period for Maharashtra's real estate market.